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Unlocking Tax Benefits with the Enterprise Investment Scheme (EIS) and Seed Enterprise Investment Scheme (SEIS)

09/04/2024

The Enterprise Investment Scheme (EIS) is an initiative designed to incentivize investment in burgeoning, unquoted companies, while offering substantial tax benefits to individual investors. This scheme not only fosters innovation but also supports economic growth by channelling funds into promising ventures. So, let’s learn more about

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IR35 Tax Rules: A Guide to Compliance

09/04/2024

In the complex landscape of self-employment and contracting, understanding tax regulations is paramount. Among these regulations is IR35, introduced by HMRC to address tax avoidance practices and ensure fair taxation among workers. Let's delve into the workings of IR35 and its implications for contractors and clients alike.

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Changes to High Income Child Benefit Tax Charge: Taking Advantage of Reduced Rates

08/04/2024

Introduction: The landscape of high-income child benefit charges (HICBC) in the UK is undergoing a transformation, with significant changes being implemented to alleviate the burden on families. Understanding these changes and their implications can help households navigate the tax system more effectively while maximizing benefits.

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Accessing the HMRC mobile APP

11/04/2024

HMRC’s free tax app is available to download from the App Store for iOS and from the Google Play Store for Android. The latest version of the app includes updated functionality. The app can be used to see: your tax code and National Insurance number; your income and benefits; your income from work in the previous 5 years; how much

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Using the starter PAYE checklist

11/04/2024

Employers that take on a new employee need to work out which tax code and starter declaration to use in their payroll software. Incorrect tax codes can lead to a new employee paying more tax than is due. Employers will require certain information from their new employee in order to ensure that the correct tax code and starter declaration

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HMRC continues to target till fraud

11/04/2024

HMRC has, for many years, looked to target businesses that deliberately undertake electronic sales suppression (ESS). ESS happens where a business deliberately manipulates its electronic sales records in order to hide or reduce the value of individual transactions. This type of fraud is hard to spot as it tries to reduce the recorded

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Termination payment clearance process

11/04/2024

The tax treatment of termination payments has changed significantly over recent years. The changes have aligned the rules for tax and secondary National Insurance contributions (employer (NICs)) by making an employer liable to pay NICs on termination payments they make to their employees. HMRC has announced that it is aligning its

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VAT retail schemes

11/04/2024

VAT retail schemes are a special set of schemes used by retail businesses to account for VAT. The schemes are used by businesses that sell a significant amount of low value and/or small quantity items to the public with different VAT liabilities. The use of the schemes can save businesses a significant amount of time in calculating the

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Paying VAT on goods from EU to Northern Ireland

11/04/2024

There are special procedures for moving goods in and out of Northern Ireland. Under the Northern Ireland Protocol, all Northern Ireland businesses continue to have access to the whole UK market. There is specific guidance published by HMRC that should be followed for goods that are received into Northern Ireland from a supplier in the

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New employment protections

09/04/2024

New legislation, including three Government backed cross party Acts, came into force from 6 April 2024. Pregnant women and new parents will now receive special treatment in a redundancy situation, as a suite of new laws are introduced - delivering the Government’s plan to support families and back hardworking Brits. New laws will

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What do we mean by profit?

09/04/2024

When most business owners refer to business profits, they are likely to mean the difference between sales and costs, and more concisely, that sales exceed costs. However, the word “profits” can prove to be a moveable feast as HMRC, banks and traders will likely have a different interpretation. For example, do costs

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To register or not to register

05/04/2024

In the recent Spring Budget, the VAT registration threshold was raised to £90,000 (previously £85,000) which means that smaller businesses that did not want to register for VAT, now have an additional £5,000 of turnover they can make each year without needing to register for VAT. Obviously, if you sell goods or services to other

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Measures to support household budgets from 1 April

05/04/2024

In a recent press release the government confirmed the following policies to support household incomes from 1 April 2024. The National Living Wage has officially risen from £10.42 an hour to £11.44. This marks a £1,800 annual boost to full-time workers’ pay packets. This means nobody over 21 will earn less than two-thirds of the

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More about emergency tax codes

04/04/2024

The letters in an employee’s tax code signify their entitlement (or not) to the annual tax free personal allowance. The tax codes are updated annually and help employer’s work out how much tax to deduct from an employee’s pay packet. The basic personal allowance for the tax year starting 6 April 2024 is £12,570 and the tax code for an

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Claim tax relief on pension contributions

04/04/2024

You can usually claim tax relief on private pension contributions worth up to 100% of your annual earnings, subject to the overriding limits. Tax relief is paid on pension contributions at the highest rate of income tax paid. This means that if you are: A basic rate taxpayer, you get 20% pension tax relief. A higher rate taxpayer,

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Claim tax relief if working from home

04/04/2024

If you are an employee who is working from home, you may be able to claim tax relief for part of your household bills that are related to your work. If your expenses or allowances are not paid by your employer, you can claim tax relief directly from HMRC. You can claim tax relief if you have to work from home, for example

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Restarting a dormant or non-trading company

04/04/2024

HMRC must be informed when a non-trading or dormant company starts trading and becomes active for Corporation Tax purposes. Companies can use HMRC Online Services to supply the relevant information. When a company has previously traded and then stops it would normally be considered as dormant. A company can stay dormant indefinitely,

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Online check how to import or export goods

04/04/2024

HMRC has a useful online tool to help UK business owners check how to import or export goods. This online tool can be used by businesses, the self-employed and agents acting on behalf of a business. Using the online tool you can obtain information on: the commodity codes (reference numbers) you need to classify goods for import and

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Tax-free mileage expenses

04/04/2024

If you use your own vehicle for business journeys you may be able to claim a tax-free allowance from your employer known as a Mileage Allowance Payment or MAP. The allowance is paid when employees use their own car, van, motorcycle or bike for work purposes. It is important to note that this tax-free allowance is not available for

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HMRC helpline changes on hold

27/03/2024

HMRC has been forced into an embarrassing climbdown on plans to close the Self-Assessment, VAT and PAYE helplines from early April until September this year. HMRC has now confirmed that these helpline changes have been abandoned following feedback from many concerned stakeholders, including MPs, accountants and members of the public. This

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Assistance with debt management

27/03/2024

Earlier this month, saw the 10th anniversary of the StepChange Debt Charity’s annual Debt Awareness Week. This is designed to shine a spotlight on the causes of problem debt. The focus on this year's campaign is looking at the main barriers to getting debt advice. This includes understanding that many people can take too long to get the

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What are the off-payroll working rules?

27/03/2024

The rules for individuals providing services via an intermediary such as a personal service company (PSC) are complex. The rules apply if the worker who provides services to a client through their own intermediary would have been an employee if they were providing their services directly to that client. The off-payroll working rules

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HMRC to accept service of legal proceedings by email

27/03/2024

HMRC has issued an updated ‘news story’ to confirm that, where possible, new legal proceedings and pre-action letters can be served on the department using email instead of post. This measure was originally introduced in April 2020 in response to the COVID-19 pandemic. The update confirms that this is a permanent change and not just

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Rent a Room Scheme – another income stream

27/03/2024

The rent-a-room scheme is a set of special rules designed to help homeowners who rent-a-room in their home to create a valuable tax free income stream. If you are using this scheme, you should ensure that rents received from lodgers during the current tax year do no exceed £7,500. The tax exemption is automatic if you earn less than

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Entitlement to carer’s allowance

27/03/2024

Carer’s credit is a National Insurance credit that can help carers to fill gaps in their National Insurance record. Carers who don’t qualify for Carer’s Allowance may qualify for Carer’s Credit. This may also help carers increase their State Pension entitlement. The Carer’s Credit is available to qualifying applicants caring for one or

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We are unpaid tax collectors

26/03/2024

Clients often refer to the VAT added to supplier invoices as if it were a cost to their business regardless of their VAT position. This is true if you are not registered for VAT, you do not have to add VAT to your sales and you cannot recover any VAT you pay on purchases. Under these circumstances, VAT is a cost. If you are registered

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Time to rethink the credit you offer your customers

26/03/2024

Most business owners are driven by sales targets and to meet these targets they may be tempted to offer extended payment terms. For example, if your business grants a customer time to pay - say 60 days - after the services or goods supplied have been delivered, effectively, your money stays in their bank account for 60 days. Further, if

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Tax-free child care

21/03/2024

HMRC is reminding parents that they may be eligible for Tax-Free Childcare (TFC) to help pay for school holiday childcare costs. The TFC scheme can help parents of children aged up to 11 years old (17 for those with certain disabilities). The TFC scheme helps support working families with their childcare costs. There are many registered

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Invest and save tax

21/03/2024

The Annual Investment Allowance (AIA) is a generous tax relief that allows for the total amount of qualifying expenditure on plant and machinery to be deducted from your profits before tax. The AIA can be claimed by an individual, partnership or company carrying on a trade, profession or vocation, a UK non-residential property business

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Check your National Insurance record

21/03/2024

There is an online service available on HMRC to check your National Insurance Contributions (NIC) record online. The service is available at https://www.gov.uk/check-national-insurance-record In order to use this service, you will need to have a Government Gateway account. If you do not have an account, you can apply to set one up

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Workplace pension responsibilities

21/03/2024

Automatic enrolment for workplace pensions has helped many employees make provision for their retirement, with employers and government also contributing to make a larger pension pot. The law states that employers must automatically enrol workers into a workplace pension if they are aged between 22 and State Pension Age, earning more

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Declare a beneficial interests in joint property

21/03/2024

The usual tax position for couples who live together with their spouse or civil partners is that property income held in joint names is divided 50:50. This is regardless of the actual ownership structure. However, where there is unequal ownership and the couple want the income taxed on that basis a notification must be sent to HMRC

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What a tax code means

21/03/2024

The letters in your tax code signify your entitlement (or not) to the annual tax free personal allowance. The tax codes are updated periodically and help employer’s work out how much tax to deduct from an employee’s pay packet. The basic personal allowance for the current (and next) tax year is £12,570. The corresponding tax code for an

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Customs Declaration Service open for business

19/03/2024

All businesses can now move their export declarations to the Customs Declaration Service (CDS), HMRC has confirmed. Businesses who have yet to move their export declarations to CDS will have a transition period to move across, until 4 June 2024. After this date, customs declarations cannot be submitted through the Customs Handling of

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Apprenticeships boost

19/03/2024

From the start of April 2024, the government will increase the amount of funding that employers who are paying the apprenticeship levy can pass onto other businesses. Apprenticeships can currently be funded by a levy paying employer transferring up to 25% of their unused levy to a different employer. Under the new measures, large

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Tax Diary April/May 2024

14/03/2024

1 April 2024 - Due date for corporation tax due for the year ended 30 June 2023. 19 April 2024 - PAYE and NIC deductions due for month ended 5 April 2024. (If you pay your tax electronically the due date is 22 April 2024). 19 April 2024 - Filing deadline for the CIS300 monthly return for the month ended 5 April 2024. 19 April 2024 -

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Company confirmation statement changes

14/03/2024

As well as filing accounts with Companies House, there is an important requirement to check that the information Companies House has about your company is correct every year. This is facilitated by the filing of an annual company confirmation statement. Companies House can prosecute a company and its officers for failing to file a

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Still time to register for the Marriage Allowance

14/03/2024

There is still time to register for the marriage allowance before the current tax year ends on 5 April 2024. The marriage allowance applies to married couples and those in a civil partnership where a spouse or civil partner does not pay tax or does not pay tax above the basic rate threshold for Income Tax (i.e., one of the couples must

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Tax on savings interest

14/03/2024

If you have taxable income of less than £17,570 in 2023-24 you will have no tax to pay on interest received. This figure is calculated by adding the £5,000 starting rate limit for savings (where 0% of the interest is taxable) to the current £12,570 personal allowance. In addition, there is also a Personal Savings Allowance (PSA). This

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Register of Overseas Entities

14/03/2024

The Register of Overseas Entities came into force in the UK on 1 August 2022. The register is held by Companies House and requires overseas entities that own land or property in the UK to declare their beneficial owners and / or managing officers. HMRC has recently published an updated list of the UK-regulated agents who have an agent

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Changing a company’s accounting year end

14/03/2024

There are special rules which limit the ability to change your company’s accounting year end date. A company’s year end date is also known as its ‘accounting reference date’ and is historically set by reference to the date the company was incorporated. Under certain circumstances it is possible to make a change to the accounting year end

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Eligibility for replacement of domestic items relief

14/03/2024

The replacement of domestic items relief enables landlords to claim tax relief when they replace movable furniture, furnishings, household appliances and kitchenware in a rental property. The allowance is available based on the cost of domestic items such as free-standing wardrobes, curtains, carpets, televisions, fridges and

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Public sector productivity

12/03/2024

In a recent announcement by the Treasury, it was announced that plans are afoot to deliver up to £1.8bn of productivity benefits by 2029. The aim is to improve public sector productivity, including releasing police time for more frontline work. The Chancellor is promoting increases in public sector productivity as an alternative to

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Tech companies assist with fuel price transparency

12/03/2024

Leaders from top comparison sites, RAC and The AA will be among those meeting the Energy Affordability Minister to help share new fuel price data and keep costs down for motorists. Price comparison sites and map apps will have access to this new data as part of the government’s PumpWatch initiative, which aims to drive down prices at

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Spring Budget 2024 – NIC changes

07/03/2024

As had been widely expected, the Chancellor announced further changes to National Insurance contributions (NIC) rates for employees and the self-employed. There will be a further 2% cut in the main rate of Employee National Insurance from 6 April 2024. This will see Class 1 NICs reduced by 2% from 10% to 8%. This is on top of the earlier

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Spring Budget 2024 - VAT registration threshold changes

07/03/2024

The taxable turnover threshold that determines whether businesses should be registered for VAT increased to £90,000 from 1 April 2024. The previous limit was £85,000. The taxable turnover threshold that determines whether businesses can apply for deregistration was also increased from £83,000 to £88,000 on the same date. It had been

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Spring Budget 2024 – High Income Child Benefit Charge

07/03/2024

The High Income Child Benefit Charge (HICBC) came into force January 2013 and has applied to taxpayers whose income exceeds £50,000 in a tax year and who are in receipt of child benefit. It was announced as part of the Spring Budget measures that the income threshold at which HICBC starts to be charged will be increased from £50,000 to

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Spring Budget 2024 - Alcohol and Tobacco Duty

07/03/2024

As part of the Spring Budget measures, the Chancellor announced that the duty rates on beer, cider, wine and spirits would be frozen at the current rates from 1 August 2024 until 1 February 2025. This is an extension to the previous alcohol duty freeze announced in last year’s Autumn Statement that took effect on 1 February 2024 and was

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Spring Budget 2024 - CGT on disposals of residential property

07/03/2024

A higher rate of Capital Gains Tax (CGT) applies to gains on the disposal of residential property if the gain falls into the higher rate band. In the Spring Budget, the Chancellor announced a reduction in the higher rate that exists for residential property from the current rate of 28% to 24% from 6 April 2024. These rates apply to higher

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Spring Budget 2024 – non-dom changes

07/03/2024

In a move that may partly have been prompted by seeking to mirror a longstanding policy of the Labour party, the Chancellor has announced that the generous non-dom rules are to be axed. From April 2025, the government plans to abolish the remittance basis of taxation for non-UK domiciled individuals and replace it with a simpler

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Spring Budget 2024 - Fuel Duty rates

07/03/2024

In the Spring Budget, the Chancellor extended the fuel duty cut for a further 12 months to help support households and businesses at a time of high oil prices. The Chancellor acknowledged that the rising price of fuel places a huge burden on families and businesses. The government was under considerable pressure from consumer and

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Budget summary 6 March 2024

06/03/2024

As expected, the Chancellor has found wriggle room in his fiscal rules that have allowed him to please his fellow Conservatives by reducing the impact of taxation. Not an unfamiliar tactic for a government in a general election year. The impact of tax changes announced are summarised below. Impact on personal finances Further fall in

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Pension fund reforms

04/03/2024

The Chancellor announced pension fund reforms as a further step in the government’s plan to boost British business and increase returns for savers. This includes requirements for Defined Contribution (DC) pension funds to publicly disclosure their level of investment in the UK. Under the plans: By 2027 DC pension funds across the

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Companies House rolls-out new powers

04/03/2024

The first measures under the Economic Crime and Corporate Transparency Act 2023 (ECCT Act) came into force on Monday 4 March 2024. Changes introduced include: greater powers to query information and request supporting evidence; stronger checks on company names; new rules for registered office addresses (all companies must have an

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Update on the tax status of Double Cab Pick Ups

29/02/2024

HMRC have reversed a previous decision (originally published 12 February 2024) on the tax status of Double Cab Pick Ups (DCPUs), following an earlier 2020 Court of Appeal judgment. The earlier decision, now reversed, had announced that effective from 1 July 2024, DCPUs with a payload of one tonne or more would be treated as cars rather

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Companies House filing fees increase

29/02/2024

Companies House has announced that some of their fees will be changing from 1 May 2024. The last change in fees was April 2016. The fees have been calculated on a ‘cost recovery’ basis meaning that the fees are calculated based on what it costs to provide the services in question. Companies House state that they do not make a profit on

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Contractors and CIS

29/02/2024

The Construction Industry Scheme (CIS) is a set of special rules for tax and National Insurance for those working in the construction industry. Businesses in the construction industry are known as 'contractors' and 'subcontractors' and should be aware of the tax implications of the scheme. Under the scheme, contractors are required to

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Advise HMRC if company is dormant

29/02/2024

If a company has stopped trading and has no other income, then the company is usually classed as dormant for Corporation Tax purposes. A company is usually dormant for Corporation Tax if it: has stopped trading and has no other income, for example investments; is a new limited company that hasn’t started trading; is an

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Appeals against tax penalties

29/02/2024

It is not unusual for taxpayers to find themselves in a position where they disagree with a tax decision issued by HMRC. There are a number of different options open to taxpayers seeking to use the review and appeals process. Note, that there is a separate procedure to be followed by taxpayers that make a complaint about HMRC for issues

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Holiday Lets averaging election

29/02/2024

The furnished holiday let (FHL) rules allow holiday lettings of properties that meet certain conditions to be treated as a trade for tax purposes. In order to qualify as a furnished holiday letting, the following criteria need to be met: The property must be let on a commercial basis with a view to the realisation of profits. Second

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Greg was on fire!

28/02/2024

Greg Park, the client manager here at Focus Accountancy, recently took on a fiery challenge to raise money for FareShare SouthWest, a charity dedicated to tackling hunger and food waste. On Tuesday, February 27th, he participated in a fire walk at Bristol Cathedral, and lived to tell the tale. The fire walk, as Greg described it, was a

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Smart Capture with FreeAgent

28/02/2024

In February we held another FreeAgent training webinar for our clients, this time on the extremely useful new Smart Capture feature. Smart Capture is a new and improved version of their Auto Extract feature which automatically extracts the date and amount from your receipts. Using Smart Capture, you can now: upload files via the

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Crack down on ‘fire and rehire’ practices

28/02/2024

The Government has announced action to tackle the use of controversial 'fire and rehire' practices. In a press release issued 19 February 2024 they said: “Action against unscrupulous employers to tackle the use of controversial ‘fire and rehire’ practices will be rolled out by the Government today [19 February]. Dismissal and

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A new champion for small businesses appointed

28/02/2024

An experienced entrepreneur has taken up a key role to promote the needs of small businesses to government and ensure suppliers seize the benefits of the Procurement Act. Shirley Cooper OBE, former chair and president of the Chartered Institute of Procurement and Supply, met Parliamentary Secretary Alex Burghart for the first time as

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Beware fake tax rebate offers

22/02/2024

HMRC continues to warn of the ever-present problem of fraudulent phishing emails, suspicious phone calls and texts. These unwanted emails, phone calls and texts are being sent from around the world as HMRC and other agencies continue to combat the problem. These messages aim to obtain taxpayers personal and or financial information such

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Cost of living final payment 2023-24

22/02/2024

The Cost of Living support package has been designed to help over 8 million households in receipt of means tested benefits. The details of Cost of Living Payments due in the 2023-24 tax year were published in 2023 and have recently been updated with details of the final payment. Eligible recipients will receive up to 3 Cost of Living

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Are you self-employed?

22/02/2024

Self-employed taxpayers should notify HMRC as soon as practicable when they begin working for themselves. HMRC must be officially notified by 5 October following the end of the tax year so that a self-assessment return can be issued on time and to avoid any unnecessary penalties. HMRC’s guidance says that you are probably self-employed

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Types of limited companies

22/02/2024

A limited company is a company ‘limited by shares’ or ‘limited by guarantee’. Limited by shares This is the most common limited company structure. A limited by shares company is a separate legal entity owned by its shareholders and managed by its directors. In smaller limited companies, shareholders and directors are the same persons.

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Entitlement to Business asset disposal relief

22/02/2024

Business Asset Disposal Relief (BADR) applies to the sale of a business, shares in a trading company or an individual’s interest in a trading partnership. Where this relief is available sellers can benefit from a 10% tax charge on exit from their business if BADR is available. When the relief is available Capital Gains Tax (CGT) of 10% is

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Letting part of your home

22/02/2024

In general, there is no Capital Gains Tax (CGT) on a property which has been used as the family's main residence. This relief from CGT is commonly known as Private Residence Relief or PRR. However, where part of the home has been let out the entitlement to relief may be affected. Homeowners that let out part of their house may not benefit

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Top-line, bottom-line?

20/02/2024

Most small business owners are happy, from a financial point of view, if sales are in line with expectations. And there are obvious grounds for this conclusion, after all, if sales dry up there are no funds feeding into cashflow. Unfortunately, top-line sales are just one aspect of a business that measure bottom-line profitability. To

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Importing or exporting for the first time?

20/02/2024

If you are considering selling or buying to or from companies based outside the UK, you may well be overawed by the plethora of regulation you are required to be familiar. As a first step, you could make use of the GOV.UK website and access HMRC’s “digital assistant”. You could use this to find out about: getting an EORI

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A reminder that NLW and NMW rates are increasing

15/02/2024

A reminder for our readers that the National Living Wage (NLW) and the National Minimum Wage (NMW) rates will increase with effect from 1 April 2024. The increase will see the NLW rate increased to £11.44 per hour, an increase of over £1 over the current rate of £10.42. This means the annual earnings of a full-time worker on the NLW will

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Checking Furnished Holiday Let property occupancy

15/02/2024

The furnished holiday let (FHL) rules allow holiday lettings of properties that meet certain conditions to be treated as a trade for tax purposes. In order to qualify as a furnished holiday letting, the following criteria need to be met: The property must be let on a commercial basis with a view to the realisation of profits. Second

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Eligibility for the VAT Flat Rate Scheme

15/02/2024

The VAT Flat Rate scheme is open to VAT registered businesses that expect their taxable turnover in the next 12 months to be no more than £150,000, excluding VAT. The annual taxable turnover limit is the total of everything that a business sells during the year that is not VAT exempt. Under the scheme rules, businesses pay VAT as a fixed

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Tax on inherited private pensions

15/02/2024

Private pensions can be an efficient way to pass on wealth, but it is important to consider what, if any, tax will be payable on a private pension you inherit. The person who died will usually have nominated you by telling their pension provider that you should inherit any monies left in their pension pot. If the nominated person can’t be

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What is Class 1A NIC?

15/02/2024

Class 1A NICs are paid by employers in respect of most benefits in kind provided to employees such as a company car. Class 1A NICs are also due on charge on termination awards above a £30,000 threshold that have not already been subjected to Class 1 NICs deductions. There’s no employee contribution payable for Class 1A NICs. Class 1A

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Autumn Finance Bill 2023 update

15/02/2024

The government published the Autumn Finance Bill 2023 on 29 November 2023. The Bill is officially known as Finance Bill 2023-24. The Bill contains the legislation for many of the tax measures announced in the recent Autumn Statement. The Bill has now completed its passage through the House of Commons and the 1st reading at the House of

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The Valuation Office Agency tackles holiday lets

14/02/2024

The Valuation Office Agency (VOA) is writing to some owners of self-catering holiday lets that are assessed for business rates. They are doing this because they need further information about the income and expenditure of these properties. Last year, the VOA wrote to most self-catering holiday let owners in England and Wales to ask them

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Full-time and part-time contracts

14/02/2024

As an employer, the tax and employment responsibilities you have for your staff will depend on the type of contract you give them and their employment status. Contract types include: full-time and part-time contracts fixed-term contracts agency staff freelancers, consultants, contractors zero-hours contracts There are also

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Tax Diary March/April 2024

09/02/2024

1 March 2024 - Due date for Corporation Tax due for the year ended 31 May 2023. 2 March 2024 - Self-Assessment tax for 2022-23 paid after this date will incur a 5% surcharge unless liabilities are cleared by 1 April 2024, or an agreement has been reached with HMRC under their time to pay facility by the same date. 19 March 2024 - PAYE

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Alcohol duty freeze takes effect

08/02/2024

As part of the Autumn Statement measures the Chancellor announced that the duty rates on beer, cider, wine and spirits would be frozen at the current rates until 1 August 2024. This change took effect from 1 February 2024 and will last for 6 months. The alcohol duty freeze will mean that more than 38,000 pubs will benefit. Not increasing

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Record number of taxpayers file on time

08/02/2024

HMRC has confirmed that more than 11.5 million people submitted their 2022-23 self-assessment tax returns by the 31 January deadline. This included over 778,000 taxpayers who left their filing until the final day and almost 33,000 that filed in the last hour (between 23:00 and 23:59) before the deadline! Whilst this was the highest ever

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Reporting employee changes to HMRC

08/02/2024

There are rules that businesses must follow when they are reporting employee changes. These changes must be sent to HMRC using a Full Payment Submission (FPS). The FPS is a submission that is required every time you pay your employees and must be submitted on or before the usual date you pay your employees. The information provided on an

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Landlords - claiming maintenance and repairs costs

08/02/2024

Landlords are able to claim for allowable expenses as a deduction from their rental income when calculating taxable rental profits to declare to HMRC. The expenses must relate wholly and exclusively for the purposes of renting out the property. There is also a range of other types of expenses that can be claimed as a deduction when paid

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Should you pay tax on selling goods online?

08/02/2024

HMRC has published new guidance for taxpayers that regularly sell goods or services through an online marketplace. The guidance makes it clear that this activity could be treated as a ‘trade’ for UK tax purposes. If this is the case taxpayers may need to pay tax on income they earn from buying and selling goods as a trade or business

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Using your own vehicles for work-related journeys

08/02/2024

If you are an employee and use your own money to buy things you need for your job you can sometimes claim tax relief for the associated costs. Usually, it is only possible to claim tax relief for the cost of items used solely for your work. You may also be able to claim tax relief for using your own vehicle, be it a car, van, motorcycle

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Government promotes electric vehicles

06/02/2024

The government department active in the promotion of electric vehicles has published guidance regarding the costs, charging issues and infrastructure. We have extracted a few comments and reproduced them in this post. Buying an electric vehicle While a new electric vehicle (EV) costs more to buy up front, today most drivers in the UK

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Does your business offer customs services?

06/02/2024

If your business does offer customs services, did you know that HMRC could offer you a free listing on their published lists. HMRC do not vet, approve or recommend individual firms. Information is simply provided to HMRC by customs agents and fast parcel operators and listed as presented. However, many businesses that need the services

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Time to Pay your tax

01/02/2024

Businesses and self-employed people in financial distress, and with outstanding tax liabilities, may be eligible to receive support with their tax affairs through HMRC’s Time to Pay service. Any tax, duty, penalties or surcharges that you cannot afford to pay can be included. An online payment plan for self-assessment tax bills can be

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Focus Accountancy Ltd - Registered in England and Wales - CRN: 06377770 - Registered Office: 1 Lindsay Road, Bristol, BS7 9NP